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Council holds TEFRA hearing and approves resolution to allow issuance of $205 million bonds for HumanGood project
Summary
The council held a TEFRA hearing and adopted a resolution allowing the California Municipal Finance Authority to issue revenue and refunding bonds of up to $205 million for HumanGood to renovate the Rosewood community center; the city stated it will have no financial obligation for the bonds.
At a public hearing on May 14 the Bakersfield City Council approved a resolution required for a TEFRA hearing that enables the California Municipal Finance Authority to issue up to $205,000,000 in tax-exempt revenue and refunding bonds for HumanGood, a California nonprofit corporation, to fund renovations to the Rosewood community center.
The city attorney explained that the TEFRA process is required to preserve the tax-exempt status of the proposed bonds and emphasized the city would have no financial or legal liability for the project or repayment of the bonds. Representatives from HumanGood and from the California Municipal Finance Authority were present for questions.
No members of the public spoke either in opposition or support during the hearing. A motion to adopt the resolution was made and the council approved it; the clerk recorded the motion as approved with Council member Kaur absent.
What happens next: Acceptance of the TEFRA resolution allows the California Municipal Finance Authority and HumanGood to proceed with bond issuance processes that are managed by those entities; the city noted it will have no repayment obligation.
